Market Indexes: Major U.S. Equity Indexes closed higher
SPX Candle: Higher High, Higher Low, Higher Close - Trend Candle
FED Posture: Quantitative Tightening (QT)
In yesterday's post, we wrote, "we would still expect to see new highs within wave .iii. This could happen fairly quickly - within the next day or so." Today provided the higher high needed.
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| S&P500 Cash Index - Daily - Nearing Upper Parallel |
As we have been writing about, this is still within the context of making minuet wave v of minute wave (iii). We have expected - per our previous posts - that wave minute (iii) will likely hit or exceed the upper parallel to show it's power as a third wave. Today got the wave structure still closer to that upper parallel line.
There are now enough waves within sub-minuet wave .iii to call it complete, but it could have smaller degree waves if it intends to sub-divide. Regardless, we need to be on watch for the onset of sub-minuet wave .iv of minuet wave v.
The Elliott Wave Oscillator is still green, rising and above the zero line. Since fourth waves tend to be more unpredictable, there could be new highs within the wave .iv: we'll simply have to watch and do our best with it.
Have a very good start to your evening.
TraderJoe
Joe, although I read your comments daily, I no longer comment because I'm now in COMPLETE awe of your counting. One day my jaw will stop dropping and I'll have something concrete to say.
ReplyDeleteIn the mean time just 'THANKS HUGELY' will have to do.
Very welcome, and that was a very nice thing to say. No reason for awe - just following the procedures. Thanks again.
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